And why was the super committee a massive failure and what about all those trillions of cuts that get immediately enacted? HAHAHAHAHAHA, they wrote the bill. They knew what they were doing in August when they wrote it. "But the big federal deficit reductions that are to be triggered by Monday's super-committee collapse wouldn't kick in until January 2013. And that allows plenty of time for lawmakers to try to rework the cuts or hope that a new post-election cast of characters — possibly a different president — will reverse them." It is all MEANINGLESS! HAHAHAHAHAHA Congress Has Over a Year to Thwart Spending Cuts - US Business News - CNBC
Question of the day - can the 1 thru 10 year yields all reach zero? Well with the 5 year going sub 1% today, we're on the right path to get there. $35 Billion In 5 Year Bonds Price Below 1% For First Time Ever | ZeroHedge. How's that interest rate in your bank account doing? Think those insurance policies are going to perform for you?
The failed attempt at rumoring the market up today (maybe it failed because it was not a rumor) was, Uncle Sam To The Rescue: IMF Creates New European Bail Out Facility, The "Precautionary And Flexible Credit Lines" | ZeroHedge "And here is the math: Italy's quota is 7,882.3SDR; Spain is 4,023.4 SDR. Multiply by 5 and you get 40 Billion and 20 billion SDRs respectively, which translates to $61 billion and $31 billion. A total of $91 billion in additional capacity? And that's it: enough to fund Italy and Spain for... two months. This is the best the regime can come up with?" You see, as I have been saying for years, the math no longer (never) works. The difference now is they used to be able to kick the can for years, then it became months, now it is only weeks.
Denninger put it very nicely the other day when following the O-MFG debacle he penned, "The market is done folks. You can be right but if you make your bet in the markets, are right, and then get screwed anyway when someone steals the money and nobody goes to jail there comes a time when people begin to understand that it can happen to them and will unless they depart the market." Here You Go: It's Over in [Market-Ticker]. Get the f out!
Still feel safe with your broker dealer? According to the poll abbove most of you o not, and that is for a good reason ----
MF Global Trustee Says Shortfall Could Exceed $1.2 Billion - NYTimes.com
"Fed up and frustrated with his broker's collapse and what he sees as the CME's slow efforts to help him retrieve $30,000 in stranded capital, Rietzke says his faith in the futures industry has been shaken to its core." Insight: Farm belt rage over MF Global could chill markets | Reuters
"This is bad juju folks. If confidence in the sanctity of customer deposits is lost across the financial system you will see a massive run on brokerages and banks -- after all, if this is going to happen to the futures markets with MF what happens to the farmer who uses these markets as a way to sell forward his production and thus bring certainty to his business operations?" More MF Global: How Much Is Missing Again? in [Market-Ticker]
Obummer bashing -
This is, well, words can't do this one justice. I guess he's trying to give his voter base more HOPE. I guess if you are drug dealer, a user or a convicted gambler you got HOPE on your side! "President Barack Obama on Monday pardoned five people convicted of charges ranging from intent to distribute marijuana to running an illegal gambling business." Obama pardons 5, commutes 1 sentence for convictions including selling drugs, gambling - The Washington Post.
Police State -
So, if you ever find yourself in a crowd of people (most full of lice and that have not showered for weeks) and the police start coming RUN. Do not do this - "In a Police State Like Modern America, Even Peaceful Resistance Is Considered Violence and Cause for Even More Brutality" Police State Watch: Curling Up In a Ball to Avoid Police Violence May Be Considered “Active Resistance” … Justifying the Use of MORE FORCE, Including Baton Strikes - Washington's Blog
The next time you are at a rally and you see an Army Ranger that put his life on the line for your country calmly staring down the police in full riot gear get your video camera out and you may get some footage of them busting him up so bad they rupture his spleen. VIDEO: Oakland Police Strike Army Ranger With Nightsticks On His Back, Ribs, Shoulders and Hands, Lacerating His Spleen and Causing Internal Bleeding - Washington's Blog
I believe global warming is real, but caused by natural forces that are found in cycles of the earth. The hacks that fraudulently manufacture data should be shut down for good. "A file containing 5,000 emails has been made available in an apparent attempt to repeat the impact of 2009's similar release" Fresh round of hacked climate science emails leaked online | Environment | The Guardian
Chart of the Day -
Monthly SPX - Follow the pink boxes. The next move (barring any more intervention) should be straight to 960 then 790. Look at the '00 and '07 top. Notice any similarities?
Minis 60m - Can those divergences turn it at double bottom DCB on channel support? The bears better hope so or it is toast.
Happy holiday season!
GL and GB.